UK Economy Shrinks By 0.2 Pct In 4th Quarter

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January 25, 2012 2:36PM (UTC)

LONDON (AP) — Official data show that Britain's economy contracted by 0.2 percent in the last three months of last year, a worse than expected result which nonetheless underlined the feeble state of the country's economy.

The market consensus had been that GDP would fall by 0.1 percent in the quarter.

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Wednesday's data from the Office for National Statistics are likely to confirm analysts' belief that the Bank of England will authorize spending more billions next month to stimulate the economy.